Determining Market Price example #16162

1 March 2024

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9 test answers

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question

What happens when the quantity of goods is higher than demand?

answer

excess supply

question

On a graph, a(n) _____ shows the demand portion of equilibrium.

answer

demand curve

question

The graph shows demand. In order to achieve equilibrium, what else must be included on the graph?

answer

supply curve

question

The graph shows a point of equilibrium. How many goods must be supplied to achieve equilibrium?

answer

question

The graph shows excess supply. Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?

answer

It needs to be decreased

question

On a graph, an equilibrium point is where

answer

a supply curve and a demand curve meet.

question

Disequilibrium occurs when

answer

supply and demand are out of balance

question

The graph shows a point of equilibrium. What does "Q" represent on the graph?

answer

the quantity at the equilibrium point

question

The graph shows excess demand. Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?

answer

as prices fall, demand goes up